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2017 (1) TMI 1191 - HC - Income TaxAddition u/s 69 made on account of investment in purchase of land - Held that:- It has come on record that said Mr.Hemendra Ahsh purchased the land situated at Adalaj from power of attorney holder of the original land owners – Mr.Gandaji Thakore and others and thereafter said Mr.Hemendra Shah sold the said land to the assessee. There is no iota of evidence on record to suggest that the assessee paid ₹ 2.10 Crores to said Mr.Hemendra Shah. Solely on the basis of statements of the original land owners – Mr.Gandaji Thakore and others that they received sale consideration from Mr.Champavat, in whose favour sale deed was executed by them in the year 2008, as rightly held by the learned CIT(A) and the learned tribunal, A.O. was not justified in making addition on account of investment in purchase of land at Adalaj of ₹ 74,50,000/-. We are in complete agreement with the view taken by the learned tribunal in deleting addition made by the A.O. on account of investment in purchase of land at Adalaj of ₹ 74,50,000/-. No substantial question of law arise as proposed.
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